Filing Flows › Caesars Entertainment (CZR) › Takeover & LBO
Is Caesars Entertainment (CZR) a takeover target?
A leveraged buyout at today's price plus 30% ($38.01 a share) would return about 19% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $36.01 a share (23% against today's $29.24). Historically 4.2% of companies with its figures were bought within a year (0.83× the average). Latest signal (2026-08-26): Merger proxy (DEFM14A).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $38.01 | today's $29.24 plus 30% |
| × shares | 204.0 million | |
| = Equity value | $7.8B | |
| + Debt refinanced | $11.7B | |
| − Cash | $864M | |
| + Other claims | $169M | preferred stock, minority interests |
| = Enterprise value | $18.7B | 5.8× EBITDA of $3.2B |
| Fees | $374M | 2% of the price |
| New debt | $12.2B | 3.8× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $6.9B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $12.1B | $3.3B | $931M | $1.5B | $10.7B |
| Year 2 | $12.4B | $3.4B | $819M | $1.6B | $9.1B |
| Year 3 | $12.8B | $3.5B | $694M | $1.8B | $7.3B |
| Year 4 | $13.2B | $3.6B | $558M | $2.0B | $5.3B |
| Year 5 | $13.6B | $3.7B | $407M | $2.2B | $3.2B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 5.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $19.7B | |
| − Debt left | $3.2B | |
| = Buyer's equity | $16.5B | |
| Money multiple | 2.38× | on $6.9B put in |
| Buyer's yearly return (IRR) | 19.0% |
Price against return
What the buyer makes at other premiums over today's $29.24; the IRR reaches 20% at $36.01 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $32.16 | 22.0% |
| 20% | $35.09 | 20.5% |
| 30% | $38.01 | 19.0% |
| 40% | $40.94 | 17.5% |
| 50% | $43.86 | 16.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $11.7B | |
| EBITDA, last 12 months | $3.2B | 27.4% of revenue |
| Depreciation and amortization | $1.4B | |
| Capital spending | $664M | |
| Debt | $11.7B | |
| Cash | $864M | |
| Share price | $29.24 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 3.1% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 21% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Caesars Entertainment would cost about $38.74 a share, $7.9B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $35.09 | $7.2B |
| Median | 32.5% | $38.74 | $7.9B |
| High end (a quarter paid more) | 51.8% | $44.39 | $9.1B |
The odds, from history
Historically 4.2% of companies with its figures were bought within a year (0.83× the average). Its figures put it in decile 4 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Rumors and deal signals
- 2026-08-26 · DEFM14A · Merger proxy (DEFM14A)
- 2026-08-12 · deal · Agreed sale to the transactions contemplated by the Merger Agreement at $31.0 cash a share · pending
Caesars Entertainment's latest quarter
Caesars Entertainment, Q3 2026: revenue $2.9B (+2% year over year), operating margin 15.5%, net loss $107M, operating cash flow $267M. The chart follows the revenue to costs, profit and cash.
Questions
Is Caesars Entertainment being acquired?
The latest signal on file is from 2026-08-26: Merger proxy (DEFM14A). A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Caesars Entertainment?
A leveraged buyout at today's price plus 30% ($38.01 a share) would return about 19% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $36.01 a share (23% against today's $29.24).
What would a takeover of Caesars Entertainment cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Caesars Entertainment would cost about $38.74 a share, $7.9B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.